"Indian contract law Indian contract law regulates contract law in India except the state of Jammu and Kashmir. The main contract law in India is codified in the Indian Contract Act 1872 which came into effect on September 1, 1872 and is applicable in the whole country. It governs entering into contract, execution of contract, and the effects of breach of contract. According to Section 2(h) of the Indian Contract Act, 1872 a contract is (i) An agreement Enforceable by law An agreement as per Section 2(e) means a promise or a set of promises in exchange for a promise"
"Contract A contract is a promise or set of promises that are legally enforceable and, if violated, allow the injured party access to legal remedies. Contract law recognises and governs the rights and duties arising from agreements. In the Anglo-American common law, formation of a contract generally requires an offer, acceptance, consideration, and a mutual intent to be bound. Each party must have capacity to enter the contract. Although most oral contracts are binding, some types of contracts may require formalities such as being in the form of a signed, dated written agreement in order for a party to be"
"uncle's agreement to sell a coal delivery business to his nephew was enforceable. Also, in ""Errington v Errington"" [1952], a father's promise to his son and daughter-in-law that they could live in (and ultimately own) a house if they paid off the balance of the mortgage, was an enforceable unilateral contract. ""Although many sources consider ""Social and Domestic Agreements"" to be a single class, it is better to regard ""Family Agreements"" as a class separate from ""Social Agreements"", as the latter invokes ""no"" presumption, and ""only"" the objective test applies."" In ""Simpkins v Pays"" [1955], an informal agreement between a"
"Gentlemen's agreement A gentlemen's agreement or gentleman's agreement is an informal and legally non-binding agreement between two or more parties. It is typically oral, though it may be written, or simply understood as part of an unspoken agreement by convention or through mutually beneficial etiquette. The essence of a gentlemen's agreement is that it relies upon the honor of the parties for its fulfillment, rather than being in any way enforceable. It is, therefore, distinct from a legal agreement or contract, which can be enforced if necessary. The phrase appears in British Parliamentary records of 1821, and in Massachusetts public"
"relating to contract law. At common law not all promises were enforceable. One way in which a promise is enforceable is the modern law of contract, which arose from the old action of assumpsit, and concepts of motive and reliance. In Australia, the bargain theory prevails, under which the exchange of promises, referred to in the Latin term ""quid pro quo"", is an essential element. A promise made under seal was enforceable under the old action on the covenant, which has developed into the modern law in relation to deeds. Promises may now also be enforceable as negligent mis-statement, promissory"
"enabled Congress to vote to cancel an executive agreement, or to refuse to fund its implementation. Executive agreement An executive agreement is an agreement between the heads of government of two or more nations that has not been ratified by the legislature as treaties are ratified. Executive agreements are considered ""politically binding"" to distinguish them from treaties which are ""legally binding"". In the United States, executive agreements are made solely by the President of the United States. They are one of three mechanisms by which the United States enters into binding international obligations. Some authors consider executive agreements to be"
"Executive agreement An executive agreement is an agreement between the heads of government of two or more nations that has not been ratified by the legislature as treaties are ratified. Executive agreements are considered ""politically binding"" to distinguish them from treaties which are ""legally binding"". In the United States, executive agreements are made solely by the President of the United States. They are one of three mechanisms by which the United States enters into binding international obligations. Some authors consider executive agreements to be treaties under international law in that they bind both the United States and another sovereign state."
"Unenforceable An unenforceable contract or transaction is one that is valid but one the court will not enforce. Unenforceable is usually used in contradistinction to void (or void ab initio) and voidable. If the parties perform the agreement, it will be valid, but the court will not compel them if they do not. An example of a transaction which is an unenforceable contract is a contract for prostitution under English law. Prostitution is not actually a crime under English law, but both soliciting a prostitute and living off the earnings of a prostitute are criminal offences. Yet so long as"
"contract. It is a general principle of contract law that courts should err on the side of enforcing contracts. Parties entering into the arrangement presumably had the intention of forming an enforceable contract, and so courts generally attempt to follow this intention. A promise conditioned upon an event within the promisor's control is not illusory if the promisor also ""impliedly promises to make reasonable effort to bring the event about or to use good faith and honest judgment in determining whether or not it has in fact occurred."" Methods of finding potentially illusory contracts enforceable include: Many contracts include ""satisfaction"
"reasonable and is binding if there is a genuine seal of goodwill. Under common law, contracts to fix prices are legal. ""Sole supplier"" (""solus"") agreements are legal if reasonable. Contracts which contravene public policy are void. Illegal agreement An illegal agreement, under the common law of contract, is one that the courts will not enforce because the purpose of the agreement is to achieve an illegal end. The illegal end must result from performance of the contract itself. The classic example of such an agreement is a contract for murder. However, a contract that requires only legal performance on the"
"one should not be enforceable. It is only when all parties involved are aware of the formation of a ""legal obligation"" is there a meeting of the minds. However, the awareness of a legal obligation is established, not through each party's subjective understanding of the terms, but on ""objective indicators,"" based on what each party said and did. Under the formalist theory of contract, every contract must have six elements: offer, acceptance, consideration, ""meeting of the minds"", capacity and legality. Many other contracts, but not all types of contracts, also must be in writing and be signed by the responsible"
"clear when people have truly agreed in a subjective sense, English law takes the view that when one person objectively manifests their consent to a bargain, they will be bound. However, not all agreements, even if they are relatively certain in subject matter, are considered enforceable. There is a rebuttable presumption that people do not wish to later have legal enforcement of agreements made socially or domestically. The general rule is that contracts require no prescribed form, such as being in writing, except where statute requires it, usually for large deals like the sale of land. In addition and in"
"the party against whom the contract is to be enforced. If there is no written agreement, a court of equity can specifically enforce an oral agreement to convey only if the part performance doctrine is satisfied. In most jurisdictions, part performance is proven when the purchaser pays the purchase price, has possession of the land and makes improvements on the land, all with the permission of the seller. No jurisdiction is satisfied by payment of the purchase price alone. Under common law, the statute of frauds also applies to contract modifications. For example, in an oral agreement for the lease"
"Agreements on the Enforcement of Sentences with the International Criminal Court An Agreement on the Enforcement of Sentences with the International Criminal Court is a formal agreement whereby a state agrees to carry out a sentence imposed by the Court. Article 103 of the Rome Statute of the International Criminal Court states that a ""sentence of imprisonment shall be served in a State designated by the Court from a list of States which have indicated to the Court their willingness to accept sentenced persons."" To this end, the Court has concluded Agreements with a number of states that have declared"
"bound to its terms. In the civil law tradition, contract law is a branch of the law of obligations. At common law, the elements of a contract are offer, acceptance, intention to create legal relations, and consideration. Not all agreements are necessarily contractual, as the parties generally must be deemed to have an intention to be legally bound. A so-called gentlemen's agreement is one which is not intended to be legally enforceable, and ""binding in honour only"". In order for a contract to be formed, the parties must reach mutual assent (also called a meeting of the minds). This is"
"Negotiable instrument A negotiable instrument is a document guaranteeing the payment of a specific amount of money, either on demand, or at a set time, with the payer usually named on the document. More specifically, it is a document contemplated by or consisting of a contract, which promises the payment of money without condition, which may be paid either on demand or at a future date. The term can have different meanings, depending on what law is being applied and what country and context it is used in. In the Commonwealth of Nations almost all jurisdictions have codified the law"
"law describes the circumstances under which the law will recognise the existence of rights, privilege or power arising out of a promise. Contract A contract is a promise or set of promises that are legally enforceable and, if violated, allow the injured party access to legal remedies. Contract law recognises and governs the rights and duties arising from agreements. In the Anglo-American common law, formation of a contract generally requires an offer, acceptance, consideration, and a mutual intent to be bound. Each party must have capacity to enter the contract. Although most oral contracts are binding, some types of contracts"
"contracts, not all agreements are enforceable. A preliminary question is whether the contract is reasonably certain in its essential terms, or ""essentialia negotii"", such as price, subject matter and the identity of the parties. Generally the courts endeavour to ""make the agreement work"", so in ""Hillas & Co Ltd v Arcos Ltd"", the House of Lords held that an option to buy softwood of ""fair specification"" was sufficiently certain to be enforced, when read in the context of previous agreements between the parties. However the courts do not wish to ""make contracts for people"", and so in ""Scammell and Nephew"
"should be enforced, but agreements that are clearly detrimental to the interests of the community as a whole, whether they are contrary to law or morality (""contra bonos mores""), or if they run counter to social or economic expedience, is not enforced. These contracts are illegal on the grounds of public policy. The law regards illegal or unlawful contracts either as void and thus unenforceable, or as valid but unenforceable. Public policy has no fixed meaning, because it represents the public opinion of a particular community at a particular time. Considerations of public policy are to be found in legislation,"
"Under Article 8, the material validity of a contract, or of any term in a contract, shall be determined by the law which would govern it under the Convention if the contract or term were valid (i.e. the putative Applicable Law). But, if this would produce an obviously unfair result, a party may rely upon the law of the place of habitual residence to establish that he did not give a free consent. Under Article 9, a contract concluded between persons who are in the same country is formally valid if it satisfies the formal requirements of either the Applicable"
"contract lifecycle management (CLM) has improved exposure to financial and legal risk."" A contract is a written or oral legally-binding agreement between the parties identified in the agreement to fulfill the terms and conditions outlined in the agreement. A prerequisite requirement for the enforcement of a contract, amongst other things, is the condition that the parties to the contract accept the terms of the claimed contract. Historically, this was most commonly achieved through signature or performance, but in many jurisdictions - especially with the advance of electronic commerce - the forms of acceptance have expanded to include various forms of"
"properly executed unless a document is signed on or on behalf of the debtor. This document must conform to certain regulations; the terms must be legible when it is presented to be signed, it must give all the terms and conditions other than implied terms, a copy must also be presented and if the security is provided before the regulated agreement is made, a copy of the security agreement must be given to the debtor within seven days of the regulated agreement being made. If the formalities are not complied with the security agreement becomes unenforceable without a court order."
"from their contract. Where the parties agree that their agreement must be in writing, they may have one of two possible intentions. (The first is presumed if no clear intention is evident.) Either their agreement is reduced to writing merely to facilitate proof of its terms, in which case the contract is binding immediately, or their agreement acquires legal effect only once it has been reduced to writing and signed by the parties. A non-variation clause prescribes formalities (usually writing) for any variation of the contract. Such a clause is not against public policy; it is valid and enforceable if"
"that collective agreements between a trade union and an employer are not intended to create legal relations, ostensibly to keep excessive litigation away from UK labour law. In a limited number of cases, an agreement will be unenforceable unless it meets a certain form prescribed by statute. While contracts can be generally made without formality, some transactions are thought to require form either because it makes a person think carefully before they bind themselves to an agreement, or merely that it serves as clear evidence. This goes typically for large engagements, including the sale of land, a lease of property"
"enforceable contract. One can not validate or enforce a contract to do activity with unlawful purpose. The principle of legality can be affected in different ways by different constitutional models. In the United States, laws may not violate the stated provisions of the United States Constitution which includes a prohibition on retrospective laws. In Britain under the doctrine of Parliamentary sovereignty, the legislature can (in theory) pass such retrospective laws as it sees fit, though article 7 of the European convention on human rights, which has legal force in Britain, forbids conviction for a crime which was not illegal at"
"signs a contractual document will be bound by the terms in that document, this rule is referred to as the rule in ""L'Estrange v Graucob"". This rule is approved by the High Court of Australia in ""Toll(FGCT) Pty Ltd v Alphapharm Pty Ltd"". But a valid contract may (with some exceptions) be made orally or even by conduct. Remedies for breach of contract include damages (monetary compensation for loss) and, for serious breaches only, repudiation (i.e. cancellation). The equitable remedy of specific performance, enforceable through an injunction, may be available if damages are insufficient. Typically, contracts are oral or written,"
"of whether a clause is severable is an objective test—whether a reasonable person would see the contract standing even without the clause. While agreement is the basis for all contracts, not all agreements are enforceable. A preliminary question is whether the contract is reasonably certain in its essential terms, such as price, subject matter and the identity of the parties. Generally the courts endeavour to ""make the agreement work"", so in ""Hillas & Co Ltd v Arcos Ltd"", the House of Lords held that an option to buy softwood of ""fair specification"" was sufficiently certain to be enforced, when read"
"Ethical implications in contracts When creating a contract, a negotiator is not only doing so to reach an agreement between two or more parties, but to create an agreement that is durable; whereby parties of the contract are legally bound and committed to its promises (Wade and Honeyman 2005, 7). A legally binding contract is defined as an exchange of promises or an agreement between parties that the law will enforce, and there is an underlying presumption for commercial agreements that parties ""intend"" to be legally bound (Contracts 2007). In order to be a legally binding contract, most contracts must"
"a contract would be valid under many potentially relevant laws but not under the ""putative"" ""proper law"", and that, until problems arose, the parties have acted in good faith on the assumption that they will be bound by the agreement, some courts might be tempted to ignore the apparent ""proper law"" and choose another that would give effect to the parties general contractual intentions. In English law, the Contracts (Applicable Law) Act 1990 formally incorporates the ""Convention on the Law Applicable to Contractual Obligations"" the ""Rome Convention"") opened for signature in Rome on June 19, 1980, and signed by the"
"Law or the law of the country where it is concluded. A contract concluded between persons who are in different countries is formally valid if it satisfies the formal requirements of either the Applicable Law or the law of one of those countries. Where a contract is concluded by an agent, the country in which the agent acts is the relevant country for the purposes of the earlier tests. But a contract relating to immovable property is always subject to the mandatory provisions of the ""lex situs"". Article 12 deals with a voluntary assignment or novation. Whether the rights and/or"
"In the United States, executive agreements are binding internationally if they are negotiated and entered into under the president's authority in foreign policy, as commander-in-chief of the armed forces, or from a prior act of Congress. For instance, as commander-in-chief the President negotiates and enters into status of forces agreements (SOFAs), which govern the treatment and disposition of U.S. forces stationed in other nations. The president cannot, however, enter unilaterally into executive agreements on matters that are beyond his constitutional authority. In such instances, an agreement would need to be in the form of a congressional-executive agreement, or a treaty"
"Except in certain bankruptcy situations, debtors can choose to pay debts in any priority they choose. But if one fails to pay a debt, they have broken a contract or agreement between them and a creditor. Generally, most oral and written agreements for the repayment of consumer debt - debts for personal, family or household purposes secured primarily by a person's residence - are enforceable. For the most part, debts that are business related must be made in writing to be enforceable by law. If the written agreement requires the debtor to pay a specific amount of money, then the"
"Valid written agreements must be made in the presence of one witness of each party; be signed by all parties or another person duly empowered by a legally binding writing in that behalf; and be executed with a legal stamp. A contract is invalid if it has an erased word; has an alteration that is not counter-signed; has a defective seal or signature; lacks the proper legal stamp; is made while a party is a minor, mentally unsound, or under duress; is objected to by any party in court within 10 days; is executed in breach of law or to"